Partners of Akiira geothermal project plan to resume exploration
The partners of the Akiira Geothermal power project in Kenya are now planning to resume exploration and drill a third well in the hope to make up for insufficient output from the earlier drilled two wells on the site of this 70 MW project.
As reported this morning, Centum Investment Company Plc and its partners have announced plans to resume exploration for the Akiira Geothermal project, after the initially drilled two wells were not providing sufficient results as planned.
The developer Akiira Geothermal Ltd, is a joint venture with the major stake controlled by Centum Investment (37.5%). The project plans to develop a 70 MW geothermal power plant at an estimated cost of $350 million.
Centum chief executive James Mworia said: “We are in advanced discussions with strategic partners to do a joint development of the field and we expect to conclude that in the first quarter and to carry on with the drilling activities.”
The project had initially planned a start of operation in December 2016, but the unsufficient steam supply from the two well drilled delayed the project and added up to $12m in cost.
With the drilling of the third well, the company now plans to unlock up to 70% of the overall project cost in funding from commercial banks.
Source: Business Daily Africa